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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Revenues:        
Vessel revenues $ 212,908 $ 378,126 $ 775,352 $ 1,150,588
Other operating revenues 5,283 9,428 19,536 20,167
Total revenues 218,191 387,554 794,888 1,170,755
Costs and expenses:        
Vessel operating costs 125,094 210,365 462,987 640,428
Costs of other operating revenues 3,778 8,395 15,624 19,616
General and administrative 35,598 46,642 116,837 144,464
Vessel operating leases 8,441 7,165 25,325 20,247
Depreciation and amortization 45,422 43,331 137,058 130,150
Gain on asset dispositions, net (5,883) (4,699) (19,345) (13,092)
Asset impairments [1] 15,141 6,236 61,771 8,096
Goodwill impairment   283,699   283,699 [2]
Restructuring charge [3]     7,586  
Total costs and expenses 227,591 601,134 807,843 1,233,608
Operating loss (9,400) (213,580) (12,955) (62,853)
Other income (expenses):        
Foreign exchange gain (loss) (469) 4,334 (3,758) 8,453
Equity in net earnings (losses) of unconsolidated companies (1,710)   (7,070) 9,104
Interest income and other, net 609 434 1,754 1,555
Interest and other debt costs, net (13,312) (12,239) (39,741) (37,927)
Total other income (expenses) (14,882) (7,471) (48,815) (18,815)
Loss before income taxes (24,282) (221,051) (61,770) (81,668)
Income tax expense (benefit) (4,679) (60,070) 16,996 (25,211)
Net Loss (19,603) (160,981) (78,766) (56,457)
Less: Net losses attributable to noncontrolling interests (94) (287) (370) (343)
Net loss attributable to Tidewater Inc. $ (19,509) $ (160,694) $ (78,396) $ (56,114)
Basic loss per common share [4] $ (0.42) $ (3.31) $ (1.67) $ (1.14)
Diluted loss per common share [5] $ (0.42) $ (3.31) $ (1.67) $ (1.14)
Weighted average common shares outstanding 46,943,705 48,481,722 46,956,041 49,213,712
Adjusted weighted average common shares 46,943,705 48,481,722 46,956,041 49,213,712
[1] Refer to Note (15) for additional information regarding asset impairment charges.
[2] The total carrying amount of goodwill at March 31, 2014 is net of accumulated impairment charges $30.9 million and $56.3 million related to the Middle East/North Africa and Asia/Pacific segments, respectively
[3] Refer to Note (14) for additional information regarding the restructuring charge.
[4] The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”.
[5] The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”.